The European Union Supports the Development of the Suez Canal Economic Zone

16 February 2017

Press Release

The European Union Supports the Development of the Suez Canal Economic Zone

The EU and OECD-launch a new project with Egypt’s Suez Canal Economic Zone Authority

Cairo, The European Union (EU) and The Organisation for Economic Co-operation and Development (OECD) OECD, launch the “Supporting the Development of the Suez Canal Economic Zone” project in partnership with Egypt’s General Authority for the Suez Canal Economic Zone, to harness the potential of the 8% of global trade flowing through the Canal to spur new investment, jobs and economic opportunities for the country.

The project is set to deliver a needs' assessment and an action plan for the Authority by July 2017, sequencing the progressive implementation of policy recommendations and laying the groundwork for multi-annual cooperation assistance by the OECD and development partners in support of the Suez Canal Economic Zone. It will include further capacity building, implementation support and follow-up on each work area.

The preparatory phase for the project, which is funded by the EU, will focus on helping the Authority to assess existing policy frameworks and identify priority actions needed to build a dynamic and sustainable economic zone in line with the highest international standards. The approach will draw on OECD good practices and lessons learned from international experiences, such as the maritime and logistics clusters of the Panama Canal, the Singapore Straits or the Gibraltar Straits.

Set to span over six months, the initial phase revolves around three pillars:

• Support the SCZone Authority in building capacity to design and implement key regulations in strategic areas (e.g. public procurement, investment regime, etc.) to promote an attractive business environment;
• Develop a sustainable model of infrastructure development by ensuring long-term financing and transparent governance of infrastructure;
• Improve connectivity and integration of the SCZone infrastructure and activities into the domestic and global economy.

The kick-off event was opened by Dr. Ahmed Darwish, Chairman of the SCZone Authority as well as the EU's Charge'd' Affaires a.i. Mr. Reinhold Brender and Mr. Andreas Schaal, Director and G20 Sous Sherpa Global Relations Secretariat of OECD. It brought together various participants, including senior officials from the Authority and central government, delegates from OECD and EU member states as well as private sector representatives and experts.

For more information, please contact:

The European Union Delegation to Egypt:

The Organisation for Economic Co-operation and Development (OECD)